Rye Patch Gold In Nevada
I get this mining stock news letter that comes out every month or so. It's one of those letters you scan over quick to see if there is anything new highlighted. Like a lot of news letters it had it's series of stock picks and the story that goes with it. Most of the stocks on the letter were of no interest to me but once in awhile there would something of interest and I would take a quick peek at a stock chart to see how it's performance had been, the amount of shares etc. and if it seemed interesting I would do a follow up as a possible stock for an investment or maybe just a flip.
One of those stocks was Rye Patch Gold RPM. I never really paid much interest into the stock over time as I was always watching some other kind of play going on. Other than it was working on a project in Nevada, I never really paid much attention to it. However as of late with an interest in Nevada I thought I would take another look and actually see what these guys are doing. Once I got to their website I was actually surprised to see just the amount of work this company has done on it's properties. I had always assumed for some reason that the company was small and just had maybe one drill running. Turns out they have a lot more on the go than I thought.
The company is working on defining deposits in two separate trends. The Oreana Trend and the Cortez Trend. The Oreana Trend is roughly 11,000 hectares (27,200 acres) and Rye Patch is exploring four properties on the Oreana Trend, where more than 10M ounces of gold equivalent have been discovered since 2009. The Oreana trend includes three active mines and three advanced-stage exploration properties. Rye Patch has six different project claims within this trend. The Wilco claims Project represents a key asset in the Rye Patch portfolio. The property's bulk-tonnage resources are near surface and open for expansion. Exploration is currently focused on two areas of resources: Colado and Section Line. Both represent epithermal, low-sulfidation type deposits.
The Lincoln Hill project represents an outstanding bulk-tonnage deposit with additional high-grade underground and surface targets. Rye Patch acquired the Lincoln Hill claims in 2007 based on the geological setting and strategic location near recent gold discoveries at the company's Wilco Project, located approximately ten kilometres to the west. Exploration and development by Rye Patch since 2008, including extensive drilling, technical work, metallurgical evaluations and a Preliminary Economic Assessment (PEA), have produced positive results and produced a Measured & Indicated (M&I) NI 43-101 gold/silver resource.
In the Cortez Trend, Rye Patch is exploring two properties covering 65 sq km on the Cortez Trend (a segment of the Battle Mountain/Eureka Trend). Rye Patch ground lies immediately south of Barrick's massive land holdings that include the Pipeline and Cortez Hills mines and newly-discovered Red Hill and Goldrush deposits. One of the world's most prolific gold belts, the Cortez Trend has generated more than 40M ounces of gold discovered and mined since 1991.
Within the Cortez Trend there are two different claim blocks being explored. The Garden Gate Pass is surrounded by major gold deposits including Barrick's Cortez Hills Mine located 12 kilometres to the north-northwest and their nearby Goldrush discovery located to the north . Goldrush is the only 10-million-plus ounce green-field discovery by a major gold producer in the past five years1, and it demonstrates the immense potential of the district. Barrick's drilling along the north-south, 11.3-kilometre trend has connected the Red Hill and Goldrush discoveries and indicates the gold zone is open in multiple directions including toward the Garden Gate Pass project.
The other claim area called the Patty Project is a percentage property. The Patty Project is a joint venture between Barrick Gold, McEwen Mining, Chapleau Resources, Magellan Minerals Ltd, and Rye Patch Gold US Inc.
Rye patch has approx. 140 million share O/S. A 52 week high of 20 cents and a low of 11 cents. At the time of this writing the stock was just off it's high at 18 cents.
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